Time is Running Out

Time is running out for Taxpayers to submit their 2011-12 details as the deadline for online submissions approaches. If you are yet to send your Self Assessment tax return to HMRC you must do so by January 31st or face a series of penalties.

An immediate £100 fine will be issued for anyone missing the deadline, irrespective of whether there is any tax to pay, while penalties of £10 per day will be applied when the return is three months late. With further penalties applied at six months and 12 months, HMRC is urging people to file their return as quickly as possible.